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Kansas Statutes Chapter 38. Minors § 38-2506. Actions that are not a requirement of nor the responsibility or liability of financial institutions; determining a payable on death beneficiary

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) No financial institution shall be required to:

(1) Designate an account as an adoption savings account or designate the beneficiaries of an account in the financial institution's account contracts or systems or in any other way;

(2) track the use of moneys withdrawn from an account; or

(3) report any information to the department of revenue or any other governmental agency that is not otherwise required by law.

(b) No financial institution shall be responsible or liable for:

(1) Determining or ensuring that an account holder is eligible for a Kansas adjusted gross income modification pursuant to K.S.A. 79-32,117, and amendments thereto;

(2) determining or ensuring that moneys in the account are used for eligible expenses; or

(3) reporting or remitting taxes or penalties related to the use of account moneys.

(c) A financial institution may rely on such financial institution's account records for determining a payable on death beneficiary for an adoption savings account. If the payable on death beneficiary in a financial institution's account records conflicts with the designated beneficiary on any form required by the secretary pursuant to this act, the payable on death beneficiary in such financial institution's account records shall control.

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Cite this article: FindLaw.com - Kansas Statutes Chapter 38. Minors § 38-2506. Actions that are not a requirement of nor the responsibility or liability of financial institutions; determining a payable on death beneficiary - last updated January 01, 2025 | https://codes.findlaw.com/ks/chapter-38-minors/ks-st-sect-38-2506/

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